According to the New York Post newspaper, Philip was found by his assistant at around 11.30 this morning in the bathroom of his apartment in Greenwich Village with a hypodermic needle still in his arm.
The assistant called police who are currently at the scene investigating what happened. An official cause of death has yet to be established.
Philip had struggled with substance abuse in his early career, and first went to rehab after graduating from New York University in 1989
Speaking about his struggle he told The Guardian newspaper in 2011: "It was pretty bad, you know what I mean. And I know, deep down, I still look at the idea of drinking with the same ferocity that I did back then. It's still pretty tangible.
"I don't know, I was young, I drank too much, you know, so I stopped. ... It's not really complicated. I had no interest in drinking in moderation. And I still don't.
"Just because all that time's passed doesn't mean maybe it was just a phase. That's you know, that's who I am."
Philip managed to stay clean for 23 years but checked into rehab again in 2012 after using drugs again
The star had also been nominated for three Best Supporting Actor Oscars, for roles in The Master,Doubt, and Charlie Wilson's War.
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